PMI Question

Sousuke

LoanSafe Member
I recently refinanced in September on a home I've now owned for 3 years with PMI. At the time with Covid, I went ahead and used an appraisal waver as we didn't want people in the house. Now as we get to the end of the year, I'm realizing I am close to 78% LTV at current value (and I can make up any difference with cash depending on appraisal.)

Having looked around, I can't 100% tell for sure if the rule that requires carrying PMI for 2 years relates to seasoning of the loan or possession of the property. I'm guessing its seasoning of the loan, but can someone tell me for certain? I've paid PMI for three years on the house, but only 4 months on the current loan.

If its seasoning of the loan, I'll need to wait until August 2022, whereas if its ownership I might try to remove it in March.
 

Sousuke

LoanSafe Member
I recently refinanced in September on a home I've now owned for 3 years with PMI. At the time with Covid, I went ahead and used an appraisal waver as we didn't want people in the house. Now as we get to the end of the year, I'm realizing I am close to 78% LTV at current value (and I can make up any difference with cash depending on appraisal.)

Having looked around, I can't 100% tell for sure if the rule that requires carrying PMI for 2 years relates to seasoning of the loan or possession of the property. I'm guessing its seasoning of the loan, but can someone tell me for certain? I've paid PMI for three years on the house, but only 4 months on the current loan.

If its seasoning of the loan, I'll need to wait until August 2022, whereas if its ownership I might try to remove it in March.
I should probably add that this is a Fannie Mae mortgage. My first loan was also a Fannie Mae mortage as well.
 
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